TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Senior Financial Analyst
Marcelo Serrano, Management Analyst
SUBJECT:Title
Public Hearing and Adoption of the Fiscal Year 2020-2021 Operating Budget, Including the Gann Appropriation Limit (Finance Director Charelian).
a) CONDUCT PUBLIC HEARING
b) ADOPT RESOLUTION NO. 20-0075 AND 20-0076
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: conduct a public hearing; adopt Resolution No. 20-0076 establishing the Gann appropriation limit for Fiscal Year 2020-2021; and adopt Resolution No. 20-0075 approving the Fiscal Year 2020-2021 Operating Budget.
FISCAL IMPLICATIONS:
With the passage of Resolution No. 20-0075, the FY 2020-2021 Budget will be adopted, as modified, for the fiscal year commencing on July 1, 2020.
The FY 2020-2021 Budget includes revenues of $123,823,559 and expenditures totaling $135,144,491 across all funds. The General Fund is nearly balanced with revenues of $73,122,730 and expenditures of $73,184,594 resulting in a projected year-end deficit of ($61,864). Year-end surpluses or deficits add to or reduce the unreserved fund balance.
The total FY 2019-2020 year-end General Fund balance is estimated to be $27.3 million, of which $8.3 million is unreserved. The FY 2020-2021 Budget, as amended for budget adoption, projects a General Fund balance on June 30, 2021, after adjustments and net transfers out, of $25.0 million. Within the total fund balance, $18.6 million has been designated to policy and economic uncertainty reserves. The balance of $6.4 million is unreserved.
Please note that all annual expenditures and estimated fund balances listed in the budget and five year forecast include up-to-date pension rate projected estimates.
BACKGROUND:
The Proposed Budget for FY 2020-2021 ...
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